Best IB Groups for a L/S fund
what are some of the best groups for a L/S HF and does being in FIG hurt you at all, currently an intern at CS FIG.
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Basically any coverage group can put you in the running for a L/S, as many L/S are split into coverage groups anyway. Being in a dedicated M&A would probably put you in the best spot.
Any coverage group will have a corresponding team in the multimanagers. More broadly I’d think M&A, TMT, Industrials and Consumer would be the most broad in terms of not pidgeonholing your exit options and getting you thinking about businesses in way that can be applied to other sectors
A FIG guy will be able to Cover Financials and non financials, a consumer guy will hardly ever cover financials. Not saying that a niche group is the way to go, but for HFs I've seen FIG do very well.
I see no reason why a fig guy can expand to non-fig more easily than a non-fig can pick up fig coverage. True the consumer analyst would be less likely to get the interview with a fig team but the same is vice versa. I just think, personally, consumer/tech/retail/industrials tend to present their business in along the lines of units/price, or subs/churn/ARPU, capacity/utilization... you know moving prices rather than more abstract stuff like insurance and banks and pharma. I liked learning it that way and then altering as needed for niche industries and I haven’t found it that difficult to do though I stay away from biotech.
Some stuff within FIG also uses metrics that are used by other industries, think about payments (number of terminals in Use and monthly fee for instance), Fintech (you get some subscription models similar to tech), AM (AUM/fee driven). Valuation models for FIG are also much more different, it's not just about business model.
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